Budget 2020-21 Quiz, Questions and Answers

Budget 2020-21 Quiz, Questions and Answers:

As per Economic Survey released by Chief Economic Advisor Krishnamurthy Subramanian, the economic growth of the country for FY21 estimated as?

A. 4.5 – 5 %

B. 5 – 5.5 %

C. 5.5 – 6 %

D. 6 – 6.5 %

Answer: D

Explanation: The Economic Survey projects the country’s economic growth rate to be 6-6.5 % during the financial year 2020-21. At the same time, GDP (Gross Domestic Product) growth can be 5 % in the financial year 2019-20, which will be the slowest growth rate in the last 11 years.

Which of the following is NOT the main theme of Budget 2020?

A. Aspirational India

B. Caring Society

C. Housing for all

D. Economic Development for all

Answer: C

Explanation: The prominent theme of Budget 2020 was the ease of living with improved Governance, such as improved savings for an average household, benefits to MSMEs through enhanced threshold and composition limits thus converting the Indian society to aspire for a better standard of living coupled with greater economic. FM Sitharaman said this year's budget is woven around three prominent things- aspirational India, economic development (for all) and building a caring society that is humane and compassionate.

Which of the following government scheme removed the dependence of Kerosene Pump?

A. PM Kusum Yojana

B. PM Kishan Yojana

C. Krishi Kalyan Abhiyan

D. All of the above

Answer: A

Explanation: Ministry of New and Renewable Energy (MNRE) has launched the Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) Scheme for farmers for installation of solar pumps and grid connected solar and other renewable power plants in the country. The scheme aims to add solar and other renewable capacity of 25,750 MW by 2022 with total central financial support of Rs. 34,422 Crore including service charges to the implementing agencies.

How much percentage is the Fiscal deficit target of the GDP in 2020-21?

A. 3.0%

B. 3.9%

C. 3.2%

D. 3.5%

Answer: D

Explanation: Finance minister Nirmala Sitharaman in her Budget 2020 speech proposed reducing fiscal deficit by 30 basis points to 3.5% of GDP in 2020-21. Sitharaman invoked the escape clause to take a 50 basis points leeway in the fiscal deficit number for 2019-20, taking the revised estimate to 3.8% of the GDP. Moody's Investors Service said the Indian government will face challenges in achieving its fiscal deficit target for the year ending March 2021 amid persistent structural and cyclical headwinds to growth.

How much Budget has been allocated for agriculture and rural development?

A. 2 lakh crore

B. 4 lakh crore

C. 2.83 lakh crore

D. 5 lakh crore

Answer: C

Explanation: Finance Minister Nirmala Sitaraman presented the Budget 2020-21 on February 1, 2020. The Minister has allocated Rs 2.83 lakh crore rupees for the agriculture and rural development sector. The Government aims to liberalize farm markets, remove distortions in livestock and farm markets and increase agricultural investments. It also focuses to increase purchase of farm produce and related services. The Budget presents 16 action points in its budget to achieve the above aims in AGRICULTURE SECTOR.

Which ministry will launch Krishi UDAAN Yojana?

A. Ministry of agriculture

B. Ministry of corporate affairs

C. Ministry of civil aviation

D. Ministry of environment forest and climate change

Answer: C

Explanation: Finance Minister Nirmala Sitharaman while presenting the Union Budget 2020-21 has announced to start Krishi Udan Yojana. This Krishi Udaan Scheme will assist farmers in transportation of their agricultural products. The main objective is to give farmers wings by improving their value realization. The central govt. has also announced to launch PM Modi One District One Product Scheme 2020. Central government is focusing on modernization of agriculture and farm produce and to realist the vision of Doubling Farmers Income By 2022. Krishi Udan Yojana is a part of the 16 point action plan for farmers. Ministry of Civil Aviation will launch this Krishi Udaan Scheme on international and national routes. This scheme is a part of the Udey Desh Ka Aam Nagrik (UDAN) Yojana which was launched in FY 2016 as regional connectivity scheme. One District One Product Scheme will follow the similar lines of ODOP Scheme in UP.

When will the Income of Farmers be expected to get doubled?

A. 2020

B. 2025

C. 2040

D. 2022

Answer: D

Explanation: Central government is focusing on modernization of agriculture and farm produce and to realist the vision of Doubling Farmers Income By 2022. Krishi Udan Yojana is a part of the 16 point action plan for farmers.

Which of the following tax has been abolished?

A. Corporate Tax

B. Dividend Distribution Tax

C. Tax on Gold

D. Tax on Petroleum Products

Answer: B

Explanation: Budget 2020 abolished Dividend Distribution Tax (DDT) on dividends declared by mutual funds. Instead, it made dividends taxable in the hands of investors at their slab rate. For instance, someone in the 30% slab rate would pay a tax at that rate while someone in the 20% slab would pay tax at 20% on mutual fund dividends (debt or equity). This will apply from FY 2020-21. This taxation of dividends is a radically different position from what currently exists. 

Which document will be issued instantly based on AADHAR details?

A. PAN Card

B. Passport

C. Driving licence

D. MNREGA card

Answer: A

Explanation: Presenting Union Budget 2020, Finance Minister Nirmala Sitharaman said that Aadhaar-based verification of taxpayers is also being introduced. For ease and convenience of taxpayers, she said a system will be launched soon, for instant online allotment of PAN on the basis of Aadhaar, without the need for filling any application form. The income tax department will soon a new system which will allow taxpayers to get a new PAN (Permanent Account Number) card easily and instantly without having to fill a detailed application form. The facility will be available only for Aadhaar card holders.

Under the Union Budget 2020, the government has allocated how much amount for the education sector?

A. Rs 99300 crore

B. Rs 83500 crore

C. Rs 77900 crore

D. Rs 85300 crore

Answer: A

Explanation: The Government has allocated Rs 99300 crore for the education sector. Sitharaman said Rs 99,300 crore has been allocated for the education sector and Rs 3,000 crore for skill development for the next fiscal. Steps will be be taken to attract external commercial borrowing and FDI in the education sector, the finance minister said. She further said the government plans to start a programme for urban local bodies to provide opportunities for internship to young engineers.

What is the name of the annual joint military exercise that began recently in Meghalaya between India and Bangladesh?

A. GATI-IX

B. DRISHTI-IX

C. AROHAN-IX

D. SAMPRITI-IX

Answer: D

Explanation: The SAMPRITI-IX, an annual joint military exercise between India-Bangladesh, recently began in Umroi, Meghalaya. This exercise can play an important role in enhancing bilateral defence cooperation between India and Bangladesh.

Which state has launched the Janasevaka scheme?

A. Telangana

B. Maharashtra

C. Madhya Pradesh

D. Karnataka

Answer: D

Explanation: Karnataka has launched the doorstep delivery scheme- Janasevaka scheme to provide citizens with easy access to important government services such as the issuance of ration card, health card, senior citizen card, driver’s licence and marriage registration certificate.